While it is true that AMP had net cash outflows of $873 million in its Australian wealth management in the half year to June this was a function of inflows falling dramatically and and not existing AMP customers rushing for the exits.

AMP's total cash outflows in the half year to June in wealth were $13.85 billion, down 17.4 per cent on the previous corresponding period. The real killer for AMP was that total cash inflows fell 27 per cent to $12.98 billion.

Acting CEO Mike Wilkins admitted the disclosures at the Royal Commission had a negative impact on flows but in June the rate of inflows increased and the outflows declined. On the positive side the flagship North platform had net cash inflows of $2.47 billion in the half.

David Rowe

It is possible that net cash outflows will remain elevated for an extended period but a new CEO could quickly turn that around. A CEO who came in and sold the handful of non-core assets could raise about $3.5 billion to invest back in the business of wealth, advice and funds management.

Transaction accounts are at the core of success in modern banking because they tend to lock in the customer with a range of products. CBA's biggest selling point is its world class mobile banking app.

Forrester Research said in a report released this month that its testing of local mobile banking apps showed CBA and Westpac "both performed exceptionally well in functionality – on par with global leaders".

Banking in Australia will be transformed over the next year because of the arrival of open banking, which gives customers control over their financial data, and the introduction of positive credit reporting, which will speed up loan approvals.

The bank that wins the battle for supremacy of transaction accounts through the superior quality of its mobile banking offering will have the opportunity to earn sector leading profit margins.